iAnthus Reports Third Quarter 2025 Financial Results

Executive Summary

• iAnthus Capital Holdings reported Q3 2025 revenue of $35.4 M, a slight increase from the prior quarter but down $4.9 M year‑over‑year.
• Net loss narrowed to $12.5 M versus $18.7 M in Q2 2025, though it remains comparable to the $11.6 M loss in Q3 2024.
• Adjusted EBITDA improved to $2.5 M from $1.9 M in Q2 2025 but was well below the $5.3 M generated in Q3 2024.

Key Details

• Revenue: $35,389 k (Q3 2025) vs. $35,185 k (Q2 2025) and $40,286 k (Q3 2024).
• Gross Profit: $15,582 k (down $570 k QoQ; down $2,502 k YoY).
• Gross Margin: 44.0% (‑188 bps QoQ; ‑86 bps YoY).
• Net Loss: $(12,545) k (improved from $(18,718) k QoQ; slightly worse than $(11,642) k YoY).
• Net Loss per Share: $0.00 (both quarters).
• EBITDA (Non‑GAAP): $(698) k (vs. $(6,454) k QoQ; down from $4,470 k YoY).
• Adjusted EBITDA (Non‑GAAP): $2,465 k (up from $1,893 k QoQ; down from $5,346 k YoY).

Reconciliation Adjustments (selected)

• Depreciation & amortization: $4,637 k.
• Interest expense, net: $3,738 k.
• Income tax expense: $3,472 k (includes accounting policy change).
• Write‑downs/recoveries: $686 k.
• Inventory reserves/write‑downs: $(92) k.
• Accretion expense: $1,237 k.
• Share‑based compensation: $453 k.
• Losses from fair‑value changes of financial instruments: $0.
• Gains/losses from equity method investments: $(9) k.
• Non‑recurring charges (strategic review, legal disputes, severance): $952 k.
• Other income: $(64) k.

Non‑GAAP Disclosures

• EBITDA defined as earnings before interest, taxes, depreciation and amortization.
• Adjusted EBITDA excludes share‑based compensation, accretion expense, write‑downs, fair‑value changes, equity method results, accounting policy effects, non‑recurring costs related to the recapitalization transaction, litigation costs, and other income.

Notable Quotes

(No executive quotes were included in the release.)